Enbridge Inc $ENB Shares Sold by Legal & General Group Plc

Legal & General Group Plc reduced its position in Enbridge Inc (NYSE:ENB) (TSE:ENB) by 8.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 17,428,310 shares of the pipeline company’s stock after selling 1,541,431 shares during the period. Legal & General Group Plc’s holdings in Enbridge were worth $944,782,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Retirement Planning Group LLC increased its position in Enbridge by 3.6% during the first quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock worth $290,000 after buying an additional 187 shares during the period. Bank & Trust Co lifted its stake in Enbridge by 0.6% in the second quarter. Bank & Trust Co now owns 33,276 shares of the pipeline company’s stock valued at $1,804,000 after buying an additional 193 shares during the last quarter. Cornerstone Wealth Management LLC boosted its holdings in shares of Enbridge by 0.6% in the second quarter. Cornerstone Wealth Management LLC now owns 31,543 shares of the pipeline company’s stock valued at $1,710,000 after acquiring an additional 194 shares during the period. PFG Investments LLC boosted its holdings in shares of Enbridge by 0.9% in the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after acquiring an additional 202 shares during the period. Finally, MIdWestOne Financial Group Inc. grew its position in shares of Enbridge by 4.3% during the fourth quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company’s stock worth $235,000 after acquiring an additional 203 shares during the last quarter. 54.60% of the stock is owned by institutional investors and hedge funds.

Enbridge Trading Down 0.8%

Shares of ENB stock opened at $50.08 on Tuesday. The company has a market capitalization of $109.37 billion, a P/E ratio of 26.78 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69. The business’s 50 day moving average is $54.02 and its two-hundred day moving average is $54.04. Enbridge Inc has a twelve month low of $45.03 and a twelve month high of $58.45.

Enbridge (NYSE:ENB) (TSE:ENB) last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.The business had revenue of $9.70 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter in the prior year, the business earned $0.65 earnings per share. Equities analysts forecast that Enbridge Inc will post 2.11 EPS for the current year.

Enbridge Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.97 dividend. This represents a $3.88 annualized dividend and a dividend yield of 7.7%. The ex-dividend date is Friday, August 14th. Enbridge’s dividend payout ratio (DPR) is 147.06%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ENB shares. TD Securities reaffirmed a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Royal Bank Of Canada increased their price target on shares of Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Raymond James Financial downgraded shares of Enbridge from an “outperform” rating to a “market perform” rating in a research report on Friday, July 31st. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Finally, Wall Street Zen raised shares of Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Five research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and an average price target of $67.00.

Enbridge Company Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.